House prices rose 12.1% in the year to September
House prices rose by 12.1% in the year to the end of September, according to the Office for National Statistics (ONS).
Prices increased by 0.5% on a monthly basis between August and September this year. The statistics only include homes that were bought with a mortgage.
The increases mean that prices have been rising faster than any time since 2007. The average home cost £272,000 in September.
Prices rose in London by 18.8% - faster than any other part of the country. Yorkshire and Humberside recorded the slowest rise in England at only 6%.
The average annual growth was 12.5% in England, 10.9% in Northern Ireland, 7.6% in Scotland and 5.8% in Wales.
The price of a house for first-time buyers increased by 13.3% from September 2013, while existing owners paid 11.5% more than the same time last year.
However, the estate agent Savills says the housing market is likely to remain flat over the next six months. It doesn’t expect any significant growth between now and the General Election.
Please contact Dipak Odedra if you would like advice about the legal aspects of buying or selling a home.